May 8, 2026 - No Recession, No Rate Cut, No Problem? Weekly Market Recap for the Cautiously Optimistic -( $AMWL $INOD $INTC $NVDA $SPY $TSLA Rise!) - Vista Partners LLC

U.S. equities finished the week of May 4–8 higher, with gains led by mega‑cap tech and semiconductors as investors digested a solid but cooling April jobs report and reassured Fed guidance that policy will remain mildly restrictive but not overtly hawkish.

Index and sector performance

Major indices extended their advance, with the Nasdaq logging roughly a 1% weekly gain, supported by strength in large‑cap technology and AI‑linked names. The S&P 500 closed the week near record territory around the high 7,300s after rising +.84% on Friday on the back of the employment report.

Sector leadership snapshot

Segment	Tone this week (qualitative)	Supporting context
Information technology	Outperformed, led by AI/semis	Tech led Select Sectors in April and semis were cited as leaders in Friday’s rally.
Communication services	Firm, tied to mega‑cap platforms	Sector has been a strong 12‑month performer and benefited from ongoing AI and ad recovery narratives.
Consumer discretionary	Mixed to positive	Tied to resilient labor market and continued spending, albeit with some rate sensitivity.
Energy	Lagging bias	Was the April laggard with a 14% drop, leaving sentiment fragile despite any tactical bounces.
Financials	Range‑bound	Stable Fed path and curve dynamics kept moves contained,
Health care	Slight underperformance	Sector has modest trailing returns and remains more idiosyncratic/stock‑specific.

Macroeconomic data and Fed policy

The macro focus was squarely on Friday’s April Employment Situation report, with the Bureau of Labor Statistics releasing nonfarm payrolls and unemployment data on May 8. Nonfarm payrolls rose by 115,000 in April, down from March’s stronger 178,000 print and broadly consistent with the “low‑hire, low‑fire” regime that has characterized the late‑cycle labor market. The unemployment rate held near 4.3%, roughly in line with the Federal Open Market Committee’s longer‑run projections, reinforcing the sense of a labor market that is cooling from 2025’s pace but remains far from recessionary.

Earlier in the week, traders also digested the first‑quarter productivity and costs report released on May 7, which showed productivity growth running near its post‑war average and helping offset wage gains at the margin. That mix—slower but still positive job creation, stable unemployment, and decent productivity—supported the view articulated by several Fed watchers that the central bank can keep policy “mildly restrictive or neutral” while waiting to see whether above‑target inflation proves persistent. Fed‑funds futures pricing continued to imply a high likelihood that the Fed remains on hold through year‑end, with perhaps one 25‑basis‑point cut still on the table but far from a done deal.

Earnings, AI, and sector narratives

Earnings season remained an important backdrop, with more than half of S&P 500 companies having reported and a large majority beating estimates, helping underpin sentiment and justify index levels near all‑time highs. Investors looked ahead to remaining high‑profile AI and semiconductor reports later in May—names like Nvidia, AMD, and Palantir—which kept enthusiasm high for the broader AI and data‑center build‑out theme that has been central to tech’s outperformance.

At the same time, recent GDP and inflation readings kept alive the debate over whether the U.S. is transitioning from a “Goldilocks” phase to a more uneven late‑cycle environment: first‑quarter real GDP rose at a 2.0% annual rate, slower than some prior quarters but still comfortably positive, while core PCE inflation re‑accelerated to 3.2%, its highest level in over two years. That combination—slowing but positive growth, sticky but not re‑accelerating inflation, and a jobs market that is cooling gracefully—has encouraged a “higher for longer but not higher forever” rate narrative that favors quality growth, profitable tech, and balance‑sheet‑strong cyclicals over more leveraged or deeply rate‑sensitive pockets.

Credit, sentiment, and positioning

Credit markets stayed broadly supportive, with spreads holding near recent tights as the macro data failed to deliver either a growth scare or an inflation shock. Equity volatility remained contained despite the dense event calendar, and traditional seasonal worries—“sell in May and go away”—were largely brushed aside for now as investors leaned on historical evidence that May and June have, on average, delivered positive S&P 500 returns over the past decade.

Positioning remained skewed toward the “Magnificent 7” and adjacent AI winners, raising ongoing concentration questions, but sector research continued to highlight that leadership has slowly broadened into industrials, materials, and select energy names over the last 12 months. For now, the path of least resistance remains higher so long as the data continue to show a labor market that is cooling rather than cracking and an inflation profile that stabilizes instead of re‑accelerating, keeping the Fed on a predictable, patient path.

VP Watchlist Updates

Below is an update‑style snapshot on the VP Watchlist names for the week, focused on recent catalysts, positioning, and narrative rather than precise price moves.

Amwell® (NYSE: AMWL, $7.97, +30.23% Over the last 5-days)

Amwell® (NYSE: AMWL), a leading provider of a comprehensive SaaS-based technology-
enabled healthcare platform, announced (May 5) financial results for the first quarter ended Mar. 31, 2026.
“Entering 2026, Amwell’s main focus was to consolidate our platform to fulfill the unmet needs of our Payer and Provider customers. The Technology-Enabled Care infrastructure we have developed to fill that gap in the market continues to gain traction as customers recognize its clear advantages: lower costs, better outcomes, stronger market share and an increased level of control and agility. Our platform is performing well and built to leverage the latest AI-powered innovations, positioning it as essential infrastructure for tech-enabled care delivery,” said Dr. Ido Schoenberg, Chairman and CEO of Amwell. “We are seeing powerful validation of the platform with significant pipeline growth and a number of meaningful renewals. With this momentum and the favorable regulatory tailwinds, Amwell is well-positioned for continued strong execution this year and to reach our goal of positive cash flow from operations in the
fourth quarter.”

FMC Corporation (NYSE: FMC, $13.40)

FMC Corporation (NYSE:FMC) reported (April 29) first quarter 2026 results above guidance with Adjusted EBITDA above high end of range, reaffirms full-year outlook. Their first quarter 2026 revenue of $759 million, down 4 percent versus first quarter 2025. First quarter 2026 revenue, excluding India, was $762 million, down 4 percent versus first quarter 2025, which included India. On a GAAP basis, the company reported a loss of $2.25 per diluted share in the first quarter, a decrease of $2.13 versus first quarter 2025. First quarter adjusted loss per diluted share of $0.23 was down 41 cents versus first quarter 2025. FMC Corporation also announced today that its board of directors declared a regular quarterly dividend of 8 cents per share, payable on July 16, 2026, to shareholders of record as of the close of business on June 30, 2026.

Eupraxia Pharmaceuticals (EPRX, $7.45)

Eupraxia Pharmaceuticals Inc. (EPRX), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (May 5) the first Eosinophilic Esophagitis Endoscopic Reference Score (EREFS) data from its ongoing Phase 1b/2a part of the RESOLVE trial evaluating EP-104GI for the treatment of eosinophilic esophagitis (“EoE”). These data were also presented at the ongoing Digestive Disease Week (“DDW”) conference in Chicago. “The EREFS is an important, validated visual index of severity of EoE disease in the esophagus of patients. It measures edema, rings and strictures and other visible markers of disease often associated with symptoms. Today’s data demonstrated improvement in two key outcomes with EP-104GI in the treatment of EoE: first, that a full injection protocol of 20 injections resulted in more pronounced improvement than a protocol with fewer injections and less coverage area within the esophagus; second, with the higher number of injections, a consistent response in both the inflammatory and fibrotic sub scores of EREFS was observed,” said Dr. James A. Helliwell, Chief Executive Officer of Eupraxia. “This EREFS data being reported at DDW is consistent with the improvements we have seen in EoE symptoms and tissue health (EoEHSS) and suggests improvement in inflammation, fibrosis and the associated narrowing of the esophagus.”

Eurpraxia announced on Friday, May 1, the appointment of Dr. Jeymi Tambiah as Chief Medical Officer (CMO) as well as the retirement of Dr. Mark Kowalski, Eupraxia’s current CMO. Dr. Jeymi Tambiah (MB ChB, FRCS, MS, FAPCR, FFPM), is a Board Certified Cardiothoracic Surgeon physician scientist who practiced at Guys and St Thomas’ Hospitals prior to entering the biopharmaceutical industry in 2008. Dr. Tambiah brings over 18 years of experience in clinical development, medical and regulatory strategy, and product commercialization across pharmaceutical and biotechnology organizations.

Eupraxia recently co-hosted a Tribe Public www.TribePublic.com, CEO Presentation & Q&A Webinar event, Wednesday, April 1 titled “Turning EOE Into a Once-a-Year Appointment.” The event featured James A. Helliwell, M.D., Co‑founder and CEO of Eupraxia Pharmaceuticals (NASDAQ: EPRX), who discusses the company’s precision drug‑delivery platform, its approach to Eosinophilic Esophagitis (EoE), and broader pipeline priorities, followed by a focused 5–10 minute Q&A. You may watch it now at this Youtube link.

Innodata Inc. (NASDAQ: INOD, +92.84% over the last 5-days)

Innodata Inc. (NASDAQ: INOD) just turned in the kind of quarter that makes even jaded AI investors sit up straighter, with the stock exploding higher today and now boasting a powerhouse year‑to‑date run.

Modular Medical (MODD, $3.78)

Modular Medical, Inc. (NASDAQ:MODD), a leader in innovative, patient-centric insulin delivery, saw (May 1) CEO Jeb Besser join Tribe Public’s members to unpack a simple question with big implications: what happens when an “almost‑pumper” market finally meets an FDA‑cleared device built for the rest of us, not just the superusers? Tribe Public hosted its CEO Presentation and Q&A Webinar, “From FDA Wins to Scaling Manufacturing – What Investors Should Watch,” on Friday, May 1, 2026, at 8:00 a.m. PT / 11:00 a.m. ET. In keeping with Tribe’s reputation for efficient programming, the session ran approximately 30 minutes, pairing a focused prepared talk with a 5–10 minute live Q&A segment that allowed investors to drill into timelines, capital needs, and commercial strategy. Besser’s formal remarks were framed under the title “From FDA Wins to Scaling Manufacturing – What Investors Should Watch,” setting the tone for a discussion that sat at the intersection of regulation, innovation, and recurring‑revenue hardware. By registering, attendees also joined Tribe Public’s membership base, ensuring they will receive future invitations to CEO briefings, sector spotlights, and investor wish‑list events.
Modular Medical announced (APRIL 19) the pricing of a registered direct offering consisting of 750,000 shares of the Company’s common stock at an offering price of $4.50 per share. The gross proceeds to the Company from the Offering are estimated to be approximately $3.4 million before deducting placement agent fees and other offering expenses. The Offering is expected to close on or about April 21, 2026, subject to the satisfaction of customary closing conditions.
Modular Medical’s latest regulatory milestone upgrades the narrative: the company has now (April 9) secured FDA 510(k) clearance for its Pivot tubeless insulin patch pump, moving from “launch‑ready” to “launch‑approved” in the heart of the fast‑growing diabesity market. The FDA has cleared Modular Medical’s Pivot patch pump as a tubeless, removable insulin delivery system, formally validating the device’s design and performance for commercial use in U.S. adults living with diabetes. The clearance converts what had been a Q1 2026 launch “subject to FDA response” into a tangible commercial pathway, giving the company permission to sell into an insulin pump market that has been estimated at roughly 8 billion dollars globally. Pivot is engineered as a simplified, two‑part patch pump with a 3‑milliliter removable reservoir, no need for battery recharging, and the ability to bolus without a dedicated controller, aiming squarely at patients who have stayed on multiple daily injections because traditional pumps felt too complex, cumbersome, or costly. By clearing Pivot, the FDA is effectively endorsing Modular Medical’s attempt to make advanced insulin delivery feel less like adopting a gadget and more like upgrading a daily habit.

The InterGroup Corporation (INTG, $36.84)

InterGroup Corporation delivered (Feb. 17) a notably stronger quarter, highlighted by a 20% jump in total revenue to $17.3 million and a 27% surge in hotel revenue as renovated rooms returned to service and travel demand improved. The company swung from a prior-year net loss to $1.0 million in net income, with operating income more than doubling to $2.0 million, underscoring better cost control and improved operating efficiency. Management further enhanced liquidity and sharpened strategic focus by selling a non-core 12‑unit Los Angeles multifamily property, generating a meaningful gain and additional working capital while maintaining stable performance across its real estate portfolio.

Volato Group, Inc. (SOAR) & M2i Global, Inc. (MTWO)

Volato Group, Inc. (NYSE American: SOAR) today announced voting results indicate that the shareholders have approved the previously announced merger with M2i Global, Inc. (“M2i Global”)(OTCQB: MTWO) with 99% of the shares of common stock present or represented by valid proxy at the special meeting voting in favor of the merger. This marks a significant milestone toward closing the transaction and advancing Volato’s strategic expansion into the critical minerals sector. The number of shares of common stock present or represented by valid proxy at the special meeting was 15.1 million, representing approximately 40% of the total number of shares of common stock entitled to vote. Management believes that the approval reflects strong shareholder alignment with the Company’s strategic direction and long-term growth plans.

Nokia (NOK, $12.82)

Inseego’s (INSG) planned acquisition of Nokia’s fixed wireless access business is shaping up as one of those rare telecom deals where both sides can plausibly claim they got the better end of the bargain—and the market, at least for now, seems inclined to agree. Layer in Jim Cramer’s very public embrace of Nokia as a “winner” that’s “back,” and you get a story that reads less like a turnaround pitch deck and more like a quietly confident comeback chapter in global connectivity.
Nokia recently served Wall Street a quietly confident Q1, the kind of quarter that doesn’t light up the meme feeds but does make long-only portfolio managers reach for their notebooks instead of the antacids.

NVIDIA (NVDA, $215.20, +8.44% over the last 5-days)

NVIDIA will host a conference call on Wednesday, May 20, at 2 p.m. PT (5 p.m. ET) to discuss its financial results for the first quarter of fiscal year 2027, which ended April 26, 2026. The call will be webcast live (in listen-only mode) oninvestor.nvidia.com.

McDonald’s (MCD, $275.75)

Morgan Stanley (April 21) has adjusted its price target on McDonald’s (MCD) to $334, maintaining an Equal Weight stance on the stock. The firm’s analyst highlighted consumer strength heading into first-quarter results, noting that earnings quality will likely vary across the restaurant and food distribution landscape . While some operators may face headwinds, the underlying consumer backdrop remains robust, which could support McDonald’s performance as one of the industry’s quality players positioned to navigate the current environment .

Tesla (TSLA, $428.35, +9.60% over the last 5-days)

Tesla’s latest reveal reads a bit like a family group chat gone public—over $500 million in revenue tied to Elon Musk’s own empire, because apparently vertical integration now includes your boss’s other companies. Meanwhile, the solar business is having a cloudy moment, robotics competition is heating up, and just to keep things interesting, Tesla snagged a jaw-dropping 370 Semi order. Oh, and in case that wasn’t enough, there’s talk of a casual $119 billion chip manufacturing push—because why not add semiconductors to the to-do list?

Serina Therapeutics (NYSE: SER, $1.75)

Serina Therapeutics (NYSE: SER) (www.serinatx.com) seems to have have just traded itself into Wall Street’s good graces, pairing fresh capital with a late-session pop that suggests investors are finally starting to connect the dots between polymer chemistry and portfolio returns. In Huntsville, Alabama, Serina Therapeutics announced definitive agreements for a private placement of common stock and pre-funded warrants that could bring in up to 30 million dollars in gross proceeds. The first 15 million dollar tranche is expected to close on March 20, 2026, with a second tranche of up to 15 million dollars anticipated by April 30, 2026, subject to customary closing conditions.

What makes the deal stand out in a biotech tape crowded with discounts is the pricing: the securities are being sold at about 2.25 dollars per share, a roughly 68 percent premium to Serina’s March 17 closing price, signaling that insiders are willing to pay up for exposure to the company’s clinical agenda. The financing also adds board-level heft, with director Greg Bailey, M.D., stepping into a Co-Chairman role as he leads the investment, a move that effectively puts the capital and the governance on the same optimistic page. Learn more here.

Intel (INTC, $124.92, +25.40% over the last 5-days)

Intel’s latest rally is more than just another chip stock pop; it’s the market’s way of voting “yes” on a reshuffled AI and manufacturing order in which Intel (INTC), Apple (AAPL), and Nvidia (NVDA) are quietly rehearsing for a new ensemble performance. Beneath the headlines about exploratory talks and record highs is a deeper story about supply chains, national strategy, and a former laggard that suddenly finds itself back on center stage.

The Sources

May 8, 2026 – No Recession, No Rate Cut, No Problem? Weekly Market Recap for the Cautiously Optimistic -( $AMWL $INOD $INTC $NVDA $SPY $TSLA Rise!)